The business trend that unites Walmart and Tiffany & Co
We all know them – two of the world’s most influential and polarizing brands come together to show that even the most unlikely of players can get on board to follow the same business trend. From the ultra high-end luxury brand Tiffany & Co to the budget friendly powerhouse Walmart, these two retailers are uniting over a common driving force within the business world: a trend that is here to stay.
1. The Unexpected Link Between Walmart and Tiffany & Co
The Interconnected World
If you wanted to find the story of Walmart in a nutshell, the tale would lead you from its humble beginnings as a small family-owned business in Arkansas to its status today as one of the largest companies in the world. It’s a remarkable story of American entrepreneurship and a shining example of the American Dream.
What may surprise you is that this story also includes a link to one of the most respected retailers of luxury goods around: Tiffany & Co. It’s a surprisingly interconnected relationship between two very different companies, but one that reveals the truth of the interconnectedness of the world today:
- Walmart was an early investor in the start-up luxury jewelry brand, ALEX AND ANI, which has since gone on to become an authorized franchise of Tiffany & Co.
- Since Walmart was looking to expand their presence in the jewelry market in the 2000s, they eventually decided to partner with Tiffany & Co.
- Since the partnership, Tiffany & Co. has become the exclusive operator of the Walmart Jewelry Centers within all Walmart stores.
The partnership between Walmart and Tiffany & Co. is an intriguing one, especially when you consider that both companies represent vastly different parts of the retail world. But the reality is that successful companies in today’s competitive business environment are often more closely connected than many would expect. Interconnectivity isn’t just the realm of technology, but of business itself.
2. Surprising Similarities in the Industry
The industry is full of unexpected similarities that span across its many sectors. From industrial manufacturing to financial systems, corporate similarity is everywhere. Here are some surprising features that many businesses share.
- Dynamic Workflow: Many organizations rely on an agile system wherein task across departments have a fast turnaround. This allows for the maximum efficiency and collaboration.
- Consultative Decision Making: Those in charge consider various options and their associated risks before making decisions. Team inputs are also taken into account, ensuring a strong culture of collaboration.
No matter the organization, modern businesses have a wide repertoire of tools and techniques employed to increase their effectiveness. Productivity remains paramount, regardless of the industry. Increasingly, corporate entities are taking steps to harmonize processes and ensure interdepartmental synergy. These steps include anything from digitalizing and streaming to the implementation of project management systems.
- Digitalization: Translating physical documents and processes into digital versions is becoming standard, as businesses move to a more automated system. This greatly improves data analysis and task management.
- Project Management Systems: Employing project planning and tracking software enhances the accuracy of records and project management.
3. Exploring the Same Business Trend for Dissimilar Companies
Comparing different business trends across dissimilar establishments can be beneficial in honing your competitive edge. From cost efficiency to customer satisfaction, mapping out different approaches to the same process can bring clarity to current and emerging trends. Here are a few ways to explore the same trend for distinct companies:
- Conduct comparison studies
- Create benchmarking surveys
- Pay attention to competitive analysis
- Look for industry-specific notes
Comparison Studies – Studying the approaches of two different companies to a similar business trend can give you a good overview of the standard solutions worth considering. Factoring in information such as revenue, size, and customer feedback can also point you towards achievable improvement strategies.
Benchmarking Surveys – Analyzing the benchmarks being used by different companies and industries is a great way to spot the trends and patterns at the heart of your industry. It won’t just help you identify the latest business approaches, but also give you the insights needed to discover long-term solutions.
4. What The Unification of Walmart and Tiffany & Co Mean for the Business World
The unification of Walmart and Tiffany & Co implies a major shift in the business world, one that could affect retail significantly into the future. Here are the changes expected thus far:
- Increased Merger Activity – Merging two giants like Walmart and Tiffany & Co indicates a trend in the market towards larger and larger mergers, which will further reduce competition.
- New Demographic Focus – The newly merged company will target a new demographic, most likely focusing on adults who have money to spend on luxury goods. This could have a huge impact on other luxury retailers, who may find their market share decreased.
- Unconventional Distribution – Tiffany & Co is a high-end retailer renowned for its brick-and-mortar stores; the merger with Walmart, however, may signal a shift towards more unconventional methods of distributing their goods – such as through Walmart stores or online.
The meeting of two such behemoths could have ripple effects on the corporate landscape. While it is impossible to know for certain what the future holds for this venture, one thing is certain: that it is sure to have a major impact on the business world.
Though Walmart and Tiffany &Co may appear to have nothing in common, one business trend has united them: their investments in providing sustainable goods and services. With both companies now focused on small but sustainable changes, this trend may continue to spread and benefit businesses and consumers alike.